Razor Network AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Razor Network.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Razor Network is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Razor Network :👉
BILLY:
Q1. Can you guys please introduce yourself and also tell us a bit about Razor Network ?
Hrishikesh | Razor.network | Don’t send ETH:
I am Hrishikesh. The founder and CEO of Razor network.
I have worked in various positions such as data scientist and product manager before discovering Bitcoin and Ethereum at the end of 2015. I found the technology fascinating and decided to work as a blockchain developer in this field in 2016. I have worked with various companies as a blockchain developer including ConsenSys. I have made open source contributions to projects such as the Ethereum and Raiden network.
Divij (Won’t DM You First):
Hello, I’m Divij, working as Communications Head for Razor Network. I have a bachelors in Business Administration with a specialization in Marketing. I’ve been involved in the Blockchain Space for almost 3 years now and have worked with various projects over the years like LCX, DeFi Money Market, PlotX to name a few in roles ranging from Communications to Marketing.
Hrishikesh | Razor.network | Don’t send ETH:
Razor Network is a decentralized oracle network with a focus on Maximum security, complete decentralization, and being fully permissionless. Razor achieves this while still being fast and practical for Decentralized Finance. Razor network uses a sliding court mechanism where any result of the oracle can be disputed iteratively. This makes the oracle extremely secure and makes it impossible to attack the oracle successfully.
Razor network utilizes proof of stake consensus algorithm. In order to participate in the network as a validator, you will need to “Stake” your Razor tokens.
BILLY:
This is one experienced techy guy. Hehe
Hrishikesh | Razor.network | Don’t send ETH:
Definitely 😊 Thanks
BILLY:
Oh thats great. You have carved out your own role in the blockchain space that is marketing.
Q2. What are some of the key features of Razor Network and how is it something entirely new or an enhancement to an existing solution?
Hrishikesh | Razor.network | Don’t send ETH:
Razor network is designed from the ground up to provide maximum game-theoretical security without compromising speed. This means it’s impossible to profitably attack the oracle. Apart from that, Razor is fully decentralized, permissionless, and fast.
Razor Network also has the following differentiating factors to existing solutions:
- Truly decentralized and permissionless
- Only oracle to offer Fast AND Secure results
- Flexibility to request results in an automated and manual fashion
- Game theoretically sound and resistant to collusion, bribing, Sybil, and censorship attacks
- In-house synthetic asset app “Razor Synthetic Assets” to increase adoption
BILLY:
Can we know a bit more about Razor Synthetic Assets app?
Hrishikesh | Razor.network | Don’t send ETH:
Using this application, anyone can tokenize any asset in the world. Users can use their Razor tokens as a collateral.
This is a very powerful application and it will showcase the true power of Razor Oracle which will provide truly decentralized, permissionless and secure pricefeeds to the Razor Synthetic Asset app. We also call this app deltaOne.
deltaOne is currently in alpha testnet and you can try it here deltaone.finance
BILLY:
Disruptive!!!
Q3. Finally, what does Razor Network plans to achieve by the end of this year?
Divij (Won’t DM You First):
Razor Network has already been live on the testnet for the past months, we also have released a few products like Razor Synthetic Assets alpha, RazorScan as mentioned above.
Next Year we are planning to go live on the Mainnet as well as launching Dispute Rounds, Reality Aware Tokens and DeltaOne V1.
More details will be published on our website soon — https://razor.network
BILLY:
Seems packed.!!
Something tells me end of 2020 and beginning of 2021 will be highly exciting for Razor Network
Divij (Won’t DM You First):
Indeed 😁
BILLY:
Thanks for the wonderful introduction guys. Now we move on to our Twitter round
Hrishikesh | Razor.network | Don’t send ETH:
Let’s do it 😊🙌🏼
BILLY:
I will post all the 5 questions from Twitter and you guys answer one by one OK? 😊
Twitter Questions coming up!
🐧Community ask Questions by Twitter ✔️
BILLY:
Twitter Question no 1 (Gervacio)
Username : @Gervacio_Go
3⃣Oracle networks are generally used with centralized bottlenecks. Does your decentralized Oracle network contain centralized bottlenecks or do you not use this for the operation of your network?
Hrishikesh | Razor.network | Don’t send ETH:
Decentralization is an important goal of the network. This is because centralization puts a high amount of power in a small group of entities, which makes a lot of attacks feasible and jeopardizes the trustworthiness of the protocol.
Razor network is fully decentralized and does not have centralized bottlenecks. Anyone can become a validator in Razor by staking RZR tokens. It does not require permission from us or anyone else.
We encourage decentralization in the protocol through the following ways:
- A fair and wide distribution of tokens
-The protocol is permissionless. We, or anyone else, don’t have the power to decide who is allowed or otherwise, to participate in the network
-Queries are pseudo randomly assigned to the validators, making collusion and bribing difficult
-Commit reveal scheme for revealing the “votes” and dispute mechanism makes it secure from bribing attacks
BILLY:
Twitter Question no 2 (Sikorsky Chai)
Username : @Diamondsvietnam
Razor made a partnership with Skale, can you explain us why they decided to partner with this project? What does Skale offer to Razor? And how does it benefit the users?
Divij (Won’t DM You First):
The Razor-Scale infrastructure will provide developers with the necessary tools to build highly scalable, secure, and high-performance DApps with access to real-world data on the SKALE platform.
You can read more about the partnership here —
https://medium.com/razor-network/razor-network-partners-with-skale-to-provide-access-to-real-world-data-8de0450a0306
BILLY:
Twitter Question no 3 (Quyen Cao)
Username : @QuyenCao11
Protection of users and privacy has become an issue that many projects face in their development. Can you explain about the security of Razor Network and how Razor Network protects its users?
Hrishikesh | Razor.network | Don’t send ETH:
The protocol has several mechanisms in place to improve the security of the platform and face various attacks.
The Commit — reveal mechanism
When validators report a data point, they report it in a secret way, during the commit state of the epoch. They create a “hash” of the data point along with a secret and report that hash. Hence no one other than the validator themselves knows their own vote. This makes the reporting process discreet and avoids anyone’s votes being influenced by other validators’ votes.
In the reveal state of the epoch, all validators reveal the secret along with their vote. The hash of this must match the hash reported by the validator in the commit state, otherwise, it will not be accepted by the smart contract.
If anyone prematurely reveals their secret during the “commit” state, anyone can report it to the smart contract and slash their entire stake. Hence validators are heavily disincentivized to share their secrets. Due to this mechanism, it becomes difficult to prove to the briber that you have voted in one way or the other.
Dispute Resolution mechanism
An attacker can bribe the majority of the stake in a trustless way and can compromise the results of the oracle. To prevent this, Razor Network has an in-built dispute resolution mechanism.
Any result of the oracle can be disputed by paying the “Dispute bond”, which can be paid collectively. The disputers win a reward of 50% of the dispute bond if they successfully dispute a round.
If the bond is successfully paid within the dispute period, the query enters a dispute round. In the dispute round, the stakes are higher, the amount of penalty for voting incoherently is higher and the queries are answered manually by the validators. The results of the dispute round can be further disputed. The amount of participating stake, and the dispute bond amount is doubled every round. If the disputer wins the dispute, their dispute bond is refunded, else it is confiscated and rewarded to coherent validators.
Due to this mechanism, even if an attacker compromises the oracle, the result will likely be disputed by an honest actor. The attacker will have to pay double the bribe to compromise the dispute round. Even if they are successful in doing that, that round will again likely be disputed and so on. This can go on till the whole network participates in the dispute round. If that round also fails to resolve the dispute, the network forks in two networks, and the market decides the honest fork.
BILLY:
Twitter Question no 4 (Damith Dilshan)
Username : @DamithDilshan17
I studied your project and I came across many unique facts. I want to know from you #Razor_Network What are the unique features or unique features of your project among you and other contemporary projects?
Divij (Won’t DM You First):
Razor network is designed from the ground up to provide maximum game-theoretical security without compromising speed. This means it’s impossible to profitably attack the oracle. Apart from that, Razor is fully decentralized, permissionless, and fast.
Apart from that, we have the following differentiating factors:
Truly decentralized and permissionless
Only oracle to offer Fast AND Secure results
Flexibility to request results in an automated and manual fashion
Game theoretically sound and resistant to collusion, bribing, Sybil, and censorship attacks
In-house synthetic asset app “Razor Synthetic Assets” to increase adoption
BILLY:
Twitter Question no 5 (Rida)
Username : @Rida63134056
Razor Network is blockchain agnostic. Since it has this peculiarity, what advantages do you offer for the different blockchains? The Truth by Consensus algorithm, how does it work and how does it adapt to each platform?
Hrishikesh | Razor.network | Don’t send ETH:
As we know Ethereum blockchain has been very successful in attracting developers and to start the DeFi revolution. However, the scalability challenges of ethereum are becoming clear. This shows a need for Layer 2 and other scalability solutions.
Razor network is blockchain agnostic and can be deployed to any ethereum compatible blockchain. Different blockchains have different properties regarding privacy, scalability, security, etc. This gives us freedom to use any blockchain which has suitable properties and allows us to serve applications on multiple platforms.
Truth-by-consensus algorithm is another name for the Schellingcoin oracle mechanism. This is the mechanism used by Razor network with some modifications.
The essence of this algorithm is that whatever the majority of stakers vote to be true is considered to be truth and the minority is considered malicious and penalized.
The mechanism will work in the same way in all platforms.
✍️ Telegram live Questions answered by Razor Network ✔
A U R O R A:
I have read about Razor Network and use Oracle Network but I have doubts about their decentralization intentions, does Razor Network have a truly decentralized Oracle Network or do they retain some centralized bases?
Divij (Won’t DM You First):
Decentralization is an important goal of the network. This is because centralization puts a high amount of power in a small group of entities, which makes a lot of attacks feasible and jeopardizes the trustworthiness of the protocol.
Razor network is fully decentralized and does not have centralized bottlenecks. Anyone can become a validator in Razor by staking RZR tokens. It does not require permission from us or anyone else.
We encourage decentralization in the protocol through the following ways:
A fair and wide distribution of tokens
The protocol is permissionless. We, or anyone else, don’t have the power to decide who is allowed or otherwise, to participate in the network.
Queries are pseudorandomly assigned to the validators, making collusion and bribing difficult
Commit reveal scheme for revealing the “votes” and dispute mechanism makes it secure from bribing attacks.
Ronaldoge:
Synthetic asset markets like Gold, Oil, etc. has low volatility, on the contrary, the cryptocurrency market is very volatile,
Why did Razor Network decide to combine synthetic assets and cryptocurrency assets in one platform?
How does cryptocurrency market participants get benefits from the Razor Network platform?
Hrishikesh | Razor.network | Don’t send ETH:
Synthetic assets are the most promising usecase of DeFi and Blockchains in general. If you see the most biggest projects in DeFi, they are all either about creating synthetic assets or using synthetic assets.
e.g. Stablecoins are also synthetic assets and they are powering entire DeFi space.
In order for the blockchain ecosystem to grow, I believe we need to target synthetic assets outside the cryptocurrency space. In traditional world, derivatives are an 18 Trillion dollar space. Capturing even a small portion of that market can bring the entire space lightyears ahead.
Max:
When will the world stop being afraid to use DeFi?
What is Razor doing for the mass adoption of DeFi technology?
Hrishikesh | Razor.network | Don’t send ETH:
Currently, DeFi has proven to be the best and biggest use case for blockchain. And almost all DeFi apps require some kind of external data. Due to the lack of a fully decentralized and permissionless oracle, projects end up using a centralized or semi-centralized alternative. This has created a systematic risk in the entire ecosystem. Large scale industries and state level adoption cannot happen due to this issue.
This is why the Razor network is important and it will solve this problem by offering a fully decentralized, permissionless secure, and fast oracle.
Evaly:
What are the tasks that stakers must perform on the Razor platform?
Divij (Won’t DM You First):
Stakers must perform their tasks diligently on the network to earn rewards. If stakers fail to perform their duties diligently, they may face penalties.
Stakers need to perform the following tasks:
1. Acquire the required amount of Razor tokens
2. Run the node on their computer
3. Stake their tokens
4. Keep the node online as long as they want to participate in the network
5. If the staker is assigned a dispute/manual round they will have to manually fetch and report data accurately within the specified time (could be up to a few days)
Sobuj Vai.:
Prediction markets in traditional equity, gold and cryptocurrencies are in high demand. Do you have plans to build a Dapp for it and how will Razor Network produce results in a transparent and scalable way?
Hrishikesh | Razor.network | Don’t send ETH:
Prediction markets are definitely an interesting idea that has a high potential for disruption. One unique feature of Razor is that, unlike other defi oracles, Razor supports pricefeeds as well as Prediction market style textual questions. e.g. You can ask Razor “Who won the presidential Election 2020?”. We can explore building a dapp around this usecase in future.
Razor Network can be scalable and transparent by deploying on our partner chains which offer those features.